CNB and why it is STILL undervalued!!, page-1478

This is how I feel about Carnaby right now. I sense a new phase of excitement and results coming very soon. Sure the JORC will be worth waiting for and as time goes on I feel more confident of a bit of upside above my expected lower limit. My estimate still sits in the 300,000 to 500,000 tonnes of copper range.

We have moved from the boring bit of proving lots of copper in two spots at Mount Hope to having some drills going in to test possible significant discoveries at The Gap and Lady Fanny North. At Lady Fanny North we have 1.2km of untested strike down plunge of the high grade bits we already know about. This could add serious additional tonnes to the JORC and it is no surprise Carnaby are fitting it into the schedule now. The Gap is a possible new lode and Rob seems convinced that it is a red hot target based on the geophysics. My hope is that it is a bit different to the other lodes there, a pipe or intrusion hosted mineralisation. It could just be an intrusion with lots of pyrite of course but we have not found too many of those without copper.

We also have a lot of geophysics going on further south from Nil Desperandum and this could reveal more anomalies that need drill testing. Clearly Carnaby are keen to drill test Saint Andrews and for repetitions of Nil Desperandum in the fault to the SW.

The IP that Hammer is proposing between Carnaby's Mount Hope mining lease and South Hope should be interesting and adds more to the story of the IOCG corridor and Carnaby own the ground on the south side of Hammer's and also east of Hammer's Stubby prospect.

For all the discoveries Carnaby still has some great potential for so many more.

DYOR. Not investment advice.